This book examines the workings of central banks and their role within national and international economies. With a particular focus on central bank profitability, accounting practices, balance sheets, and information systems, it explores the challenges central banks have faced following the Global Financial Crisis and COVID-19 pandemic. By placing recent central bank losses within broader recent history, they are shown to be the result of monetary policy initiatives required to stabilise economies under external stress, rather than signs of institutional failure.

This book defends the role of central banks and their independence at a time when they are being questioned. It will be relevant to students, researchers, and policymakers interested in monetary policy and the political economy.

Paweł Kowalewski is a Senior Advisor at the Narodowy Bank Polski.

Krzysztof Kruszewski is a Director at the Narodowy Bank Polski.

Mikołaj Szadkowski is a Researcher at the Narodowy Bank Polski.